B2Gold Corp. press release
Alamos Gold Continues to Expand High-Grade Mineralization Near Existing Infrastructure Across the Island Gold Deposit Supporting Further Expected Growth in Mineral Reserves and Resources
TSX - Toronto Stock Exchange · Gold · Canada
All amounts are in United States dollars, unless otherwise stated
TORONTO, July 23, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. ( TSX:AGI; NYSE:AGI ) (“Alamos” or the “Company”) today reported new results from underground and surface drilling at the Island Gold Mine. Exploration drilling continues to extend high-grade gold mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures. Delineation and definition drilling has defined wide, higher-grade zones within the Island East area. This is expected to drive further growth in high-grade Mineral Reserves and Resources with the year end update.
Additionally, high-grade mineralization was intersected in the North Shear and the Webb Lake stock area, highlighting a longer-term, near-mine opportunity as a potential source of additional mill feed for the expanded Magino milling complex.
"We continue to have broad-based exploration success across the Island Gold deposit. This includes within the main structure, which remains open laterally and down-plunge, as well as within an increasing number of hanging wall and footwall structures. This is expected to contribute to another year of growth in high-grade Mineral Reserves and Resources, as Island Gold continues to establish itself as one of the highest-grade and fastest growing deposits in the world. This growth is supporting a longer mine life at Island Gold, which already exceeds 20 years, and additional synergies to be realized by processing Island Gold ore through the larger Magino mill,” said John A. McCluskey, President and Chief Executive Officer.
“We are also starting to define longer-term upside opportunities through the integration of Island Gold and Magino. This includes the ability to expand the Magino pit onto the larger Island Gold District land package, and identifying and evaluating near mine, higher-grade targets like the North Shear which have the potential to provide additional mill feed to the larger Magino milling complex,” Mr. McCluskey added.
Island Gold Main zone exploration highlights: high-grade mineralization extended outside of Mineral Reserves and Resources in the E1E and C-Zones. These zones are the main structures which host the majority of currently defined Mineral Reserves and Resources at Island Gold. New highlights include 1 :
Island West (C-Zone) 36.54 g/t Au (15.16 g/t cut) over 7.20 m (890-461-03); 56.13 g/t Au (15.35 g/t cut) over 2.13 m (790-479-68); 42.25 g/t Au (36.15 g/t cut) over 2.82 m (490-456-54); 23.88 g/t Au (14.46 g/t cut) over 3.82 m (1025-517-22); and 25.88 g/t Au (25.88 g/t cut) over 2.26 m (1025-517-14).
Island East (E1E-Zone) 17.24 g/t Au (17.24 g/t cut) over 9.97 m (1040-619-24); 28.66 g/t Au (28.66 g/t cut) over 2.22 m (MH39-01); and 11.75 g/t Au (11.75 g/t cut) over 3.91 m (MH39-03).
Island Gold Hanging Wall and Footwall exploration highlights: high-grade gold mineralization intersected within recently defined hanging wall and footwall zones across the main Island Gold Deposit. These zones represent significant opportunities to continue to grow near mine Mineral Reserves and Resources which are low-cost to develop and produce given their proximity to existing infrastructure. New highlights include 1 :
Island West Hanging Wall Zones
B Zone
79.93 g/t Au (18.53 g/t cut) over 2.01 m (1025-517-08); 17.34 g/t Au (11.70 g/t cut) over 2.49 m (490-456-14); and 16.55 g/t Au (16.17 g/t cut) over 2.01 m (890-461-01).
NS2 Zone: a new parallel structure to the NS1 Zone, located 100 m to the east.
55.98 g/t Au (55.98 g/t cut) over 2.10 m (1025-517-28); 34.85 g/t Au (34.85 g/t cut) over 2.10 m (1025-517-22); and 9.28 g/t Au (9.28 g/t cut) over 5.56 m (900-506-13).
Island East Footwall Zones
E1D1 Zone
72.57 g/t Au (49.74 g/t cut) over 2.01 m (945-624-42); 12.43 g/t Au (12.43 g/t cut) over 3.86 m (945-624-30); and 21.04 g/t Au (17.30 g/t cut) over 2.09 m (945-624-41A).
NTH4 Zone
27.73 g/t Au (12.80 g/t cut) over 1.96 m (945-624-59).
Other Hanging Wall and Footwall intersections: drilling continues to intersect high-grade mineralization in proximity to existing underground infrastructure in yet to be defined zones. These are part of more than 2,000 intersections above 3 g/t Au outside of existing Mineral Reserves and Resources in the hanging wall and footwall, highlighting the opportunity for significant near-mine additions as ongoing drilling further defines these areas. New highlights include 2 :
Footwall
88.44 g/t Au over 4.65 m (890-461-30); 32.35 g/t Au over 4.00 m (890-461-02); 28.79 g/t Au over 4.25 m (1130-623-09); 28.60 g/t Au over 4.15 m (840-530-07A); 38.20 g/t Au over 2.70 m (945-624-21); and 10.59 g/t Au over 10.55 m (1040-619-22).
Hanging Wall
64.67 g/t Au over 5.95 m (890-461-03); 84.87 g/t Au over 3.00 m (580-473-40); 53.30 g/t Au over 4.50 m (890-461-03); 63.12 g/t Au over 3.50 m (945-624-39); 18.38 g/t Au over 10.70 m (1040-619-32); and 65.77 g/t Au over 2.25 m (580-473-39).
Island Gold East delineation and definition drilling highlights: ongoing drilling focused on the conversion of Mineral Resources to Reserves from the 945, 1040, and 1130-levels has defined wider, higher-grade zones over an 80 m by 130 m area within the Island Main structure. New highlights include 1 :
102.42 g/t Au (68.19 g/t cut) over 17.19 m (1040-619-28); 135.39 g/t Au (94.41 g/t cut) over 8.28 m (1040-619-27); 101.13 g/t Au (53.97 g/t cut) over 5.23 m (1130-623-20); 37.63 g/t Au (29.59 g/t cut) over 12.54 m (1130-623-33); 19.95 g/t Au (16.93 g/t cut) over 19.66 m (1130-623-01); and 33.66 g/t Au (22.31 g/t cut) over 11.15 m (1040-619-31).
Island Gold District – Near Mine Exploration
North Shear: high-grade gold mineralization intersected north and west of the Island Gold Deposit, towards the Magino open pit. This area is located immediately east of the Magino open pit, within two kilometres (“km”) of the Magino mill, and represents a longer-term opportunity as a source of additional mill feed. New highlights include 1 :
12.10 g/t Au over 4.32 m, including 34.90 g/t Au over 1.38 m (24IGX071); 2.09 g/t Au over 6.01 m, including 16.75 g/t Au over 0.28 m (24IGX072); and 3.65 g/t Au over 4.92 m, including 10.20 g/t Au over 0.87 m (24IGX073).
Webb Lake Stock: gold mineralization intersected east of the Magino open pit Mineral Reserve supporting the potential for expansion of the Magino deposit to the east beyond the previous Magino/Island Gold property boundary (pre-acquisition by Alamos). New highlights include 2 :
15.52 g/t Au over 5.64 m, including 179.00 g/t Au over 0.47 m (24IGX071); 7.97 g/t Au over 7.43 m, including 153.50 g/t Au over 0.30 m (24IGX073); and 17.96 g/t Au over 1.21 m (IGX24073).
1 All reported composite intervals are calculated true width of the mineralized zones, unless otherwise stated. Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to: Island West (C-zone) and Island Main @ 225 g/t Au; Island Main and East (E1E Zone) @ 185 g/t Au; E1D1 and NS 2 @ 90 g/t Au ; NTH4 @ 75 g/t . North Shear and Webb Lake Stock composites reported as uncut.
2 All reported composite intervals are core length, true width is unknown at this time, and gold grades are reported as uncut .
New highlight intercepts can be found in Tables 1 and 2, and in Figures 1 to 4 at the end of this news release.
2024 Exploration Drilling Program
A total of $19 million is budgeted for exploration at Island Gold in 2024, up from $14 million in 2023, with both a larger near mine and regional exploration program planned for the year. The 2024 exploration program is following up on a successful 2023 program with high-grade Mineral Reserves and Resources added across the main Island Gold structure, as well as within multiple structures in the hanging wall and footwall.
A total of 41,000 m of underground exploration drilling is planned in 2024. The focus is on defining new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure, as well as the conversion of the large existing Mineral Resource base to Mineral Reserves. This includes drilling across the strike extent of the main Island Gold Deposit (E1E and C-Zones), as well as within a growing number of newly defined hanging-wall and footwall zones. To support the underground exploration drilling program, 460 m of underground exploration drift development is planned to extend drill platforms on the 850, 945, and 1025-levels.
In addition to the exploration budget, 32,000 m of underground delineation drilling has been planned and included in sustaining capital for Island Gold which will be focused on the conversion of the large Mineral Resource base to Mineral Reserves. Additionally, 12,500 m of near-mine surface exploration drilling has been budgeted, and 10,000 m of regional exploration drilling.
To the end of June 2024, 28,003 m of underground exploration drilling had been completed in 111 holes, and 5,882 m of surface drilling had been completed in seven holes. Additionally, 20,885 m of underground delineation drilling was completed in 91 holes.
The regional exploration drilling program also continued through the first half of the year, with 4,995 m of drilling completed in 15 holes.
Island West
Underground Exploration Drilling
Underground drilling extended high-grade gold mineralization 250 m to the west, and up-plunge from existing Mineral Reserves and Resources in the middle portion of Island West. Drilling is being conducted from the 490-level, 790-level, and the 1025-level exploration drifts, between vertical depths of 400 m and 1,200 m. New highlights include 1 :
Island West (C-Zone) 36.54 g/t Au (15.16 g/t cut) over 7.20 m (890-461-03); 56.13 g/t Au (15.35 g/t cut) over 2.13 m (790-479-68); 42.25 g/t Au (36.15 g/t cut) over 2.82 m (490-456-54); 23.88 g/t Au (14.46 g/t cut) over 3.82 m (1025-517-22); 25.88 g/t Au (25.88 g/t cut) over 2.26 m (1025-517-14); 5.11 g/t Au (5.11 g/t cut) over 9.72 m (850-475-12); 16.95 g/t Au (7.53 g/t cut) over 2.57 m (790-479-59); and 11.96 g/t Au (11.96 g/t cut) over 3.03 m (1025-517-02).
Island West Hanging Wall Zones
In addition to testing the main Island Gold structure (C-Zone), underground exploration drilling continued to target high-grade gold mineralization in sub-parallel and perpendicular structures in the hanging wall from the 490, 890, 900, and 1025-levels.
NS1 and NS2 Hanging Wall Zones
The NS1 zone is a north-striking structure with a high-angle orientation relative to the C-Zone that was discovered in early 2023. The first stopes were mined from the NS1 zone during the second half 2023 and it continues to be actively mined in 2024, highlighting the near-term opportunities within these hanging wall and footwall zones.
In early 2024, the NS2 zone, a new sub-parallel north-strike zone was discovered 100 m east of the NS1 zone. To date, this zone has been defined over a vertical extent of 300 m, and defined over an average strike of 100 m.
In addition, several other north-striking high-angle structures have been identified across the deposit from reinterpretation of historical hanging wall drilling, which will be further evaluated as underground exploration drilling advances.
New highlights from the Island West Hanging Wall zones include (Figure 2, Table 1):
Island West Hanging Wall Zones
B Zone
79.93 g/t Au (18.53 g/t cut) over 2.01 m (1025-517-08); 17.34 g/t Au (11.70 g/t cut) over 2.49 m (490-456-14); and 16.55 g/t Au (16.17 g/t cut) over 2.01 m (890-461-01).
NS2 Zone: a new parallel structure to the NS1 Zone, located 100 m to the east.
55.98 g/t Au (55.98 g/t cut) over 2.10 m (1025-517-28); 34.85 g/t Au (34.85 g/t cut) over 2.10 m (1025-517-22); and 9.28 g/t Au (9.28 g/t cut) over 5.56 m (900-506-13).
Island East
Surface and Underground Exploration Drilling
Underground drilling from the 945 Exploration Drift and Island East Ramp, continues to extend high-grade gold mineralization along strike to the east of Mineral Reserves and Resources in the middle portion of Island East (between vertical depths of 900 m and 1,300 m).
In addition, surface drilling successfully defined high-grade gold mineralization within a large 200 m by 400 m gap in Mineral Reserves and Resources between 1,100 m and 1,300 m depths. This included holes MH39-01 ( 28.66 g/t Au (28.66 g/t cut) over 2.22 m) and MH 39-03 ( 11.75 g/t Au (11.75 g/t cut) over 3.91 m ). Following the completion of the surface drilling program, additional drilling will be completed as underground development and drill platforms are established closer to this area.
New highlights in the E1E-Zone include (Figure 1, Tables 1 and 2):
Island East (E1E-Zone) 17.24 g/t Au (17.24 g/t cut) over 9.97 m (1040-619-24); 28.66 g/t Au (28.66 g/t cut) over 2.22 m (MH39-01); and 11.75 g/t Au (11.75 g/t cut) over 3.91 m (MH39-03).
Underground Delineation Drilling
Delineation and definition drilling focused on Mineral Resource conversion from the 945, 1040, and 1130-levels continues to define wide, higher-grade zones in Island East. This includes an 80 m by 130 m zone with significantly higher than average grades and widths relative to the rest of the Island Gold deposit. This is expected to support further growth in high-grade Mineral Reserves. New highlights include 1 :
102.42 g/t Au (68.19 g/t cut) over 17.19 m (1040-619-28); 135.39 g/t Au (94.41 g/t cut) over 8.28 m (1040-619-27); 101.13 g/t Au (53.97 g/t cut) over 5.23 m (1130-623-20); 37.63 g/t Au (29.59 g/t cut) over 12.54 m (1130-623-33); 19.95 g/t Au (16.93 g/t cut) over 19.66 m (1130-623-01); 33.66 g/t Au (22.31 g/t cut) over 11.15 m (1040-619-31); 29.75 g/t Au (29.75 g/t cut) over 9.89 m (945-624-53); 51.19 g/t Au (26.03 g/t cut) over 5.26 m (1040-619-29); 100.65 g/t Au (94.10 g/t cut) over 2.51 m (1040-619-27); 27.70 g/t Au (26.52 g/t cut) over 8.35 m (945-624-55); 65.89 g/t Au (44.50 g/t cut) over 3.42 m (1130-623-14); 13.24 g/t Au (9.85 g/t cut) over 15.87 m (1130-623-29); 26.22 g/t Au (26.22 g/t cut) over 7.90 m (1130-623-19); 26.03 g/t Au (15.22 g/t cut) over 5.17 m (1040-619-30); and 21.68 g/t Au (20.20 g/t cut) over 5.84 m (1130-632-19).
Island East Footwall Zones
In addition to testing the E1E-Zone, underground exploration drilling continued to target high-grade gold mineralization in structures in the footwall from the 945 and 1015-levels. These structures were included in the year-end 2023 Mineral Reserves and Resources. Additional drilling in 2024 has been successful in confirming the continuity and extending high-grade gold mineralization within the E1D1 and NTH4 zones, located 10 m and 60 m from the E1E-Zone, respectively.
New highlights from the Island East Footwall zones include (Figure 2, Table 1):
E1D1 Zone
72.57 g/t Au (49.74 g/t cut) over 2.01 m (945-624-42); 12.43 g/t Au (12.43 g/t cut) over 3.86 m (945-624-30); 21.04 g/t Au (17.30 g/t cut) over 2.09 m (945-624-41A); 6.25 g/t Au (4.85 g/t cut) over 5.85 m (945-624-55); and 16.21 g/t Au (11.31 g/t cut) over 2.02 m (1015-624-10).
NTH4 Zone
27.73 g/t Au (12.80 g/t cut) over 1.96 m (945-624-59).
As with the hanging wall and footwall zones in Island West, these footwall zones in Island East highlight the potential to add high-grade Mineral Reserves and Resources in proximity of existing production horizons and infrastructure which would be low-cost to develop and mine.
Other Zones
The majority of Island Gold’s Mineral Reserves and Resources and main production horizons are hosted in the C/E1E structure. The Island Gold Deposit also consists of a growing number of sub-parallel and high-angle mineralized structures outside of the main C/E1E-Zone. As underground development advances, these sub-parallel hanging wall and footwall structures can be targeted and defined with step-out drilling from underground drill platforms.
As demonstrated in 2023, these zones and other targets within the hanging wall and footwall represent significant opportunities to continue defining additional high-grade Mineral Reserves and Resources in proximity to existing underground infrastructure. These additions continue to enhance the ounce per vertical metre profile and provide additional operational flexibility with multiple mining horizons from the same lateral development levels.
The following are highlights of new hanging wall and footwall intersections from underground exploration drilling where the geometry and continuity are not yet established (“Unknown Zone”). These are part of more than 2,000 intersections above 3 g/t Au within recently defined and yet to be defined zones in the hanging wall and footwall. These intersections are outside of existing Mineral Reserves and Resources, highlighting the opportunity for significant near-mine additions as ongoing drilling further defines these areas.
New highlights include (reported composite intervals are uncut and as core length, as true width is unknown at this time) (Table 1):
Footwall
88.44 g/t Au over 4.65 m (890-461-30); 32.35 g/t Au over 4.00 m (890-461-02); 28.79 g/t Au over 4.25 m (1130-623-09); 28.60 g/t Au over 4.15 m (840-530-07A); 38.20 g/t Au over 2.70 m (945-624-21); 10.59 g/t Au over 10.55 m (1040-619-22); 20.53 g/t Au over 4.15 m (1040-619-33); 32.37 g/t Au over 2.60 m (1130-623-18); 21.22 g/t Au over 3.90 m (890-461-21); 7.41 g/t Au over 8.60 m (840-530-10); 26.28 g/t Au over 2.40 m (1040-619-34); 10.49 g/t Au over 5.60 m (1040-619-24); 15.87 g/t Au over 3.40 m (1040-619-32); 10.98 g/t Au over 4.85 m (1040-619-36); and 19.50 g/t Au over 2.60 m (840-632-47).
Hanging Wall
64.67 g/t Au over 5.95 m (890-461-03); 84.87 g/t Au over 3.00 m (580-473-40); 53.30 g/t Au over 4.50 m (890-461-03); 63.12 g/t Au over 3.50 m (945-624-39); 18.38 g/t Au over 10.70 m (1040-619-32); 65.77 g/t Au over 2.25 m (580-473-39); 33.02 g/t Au over 4.00 m (850-475-25); 41.53 g/t Au over 2.85 m (850-475-26); 20.75 g/t Au over 5.45 m (890-461-10); 40.05 g/t Au over 2.30 m (900-506-14); 17.59 g/t Au over 4.40 m (890-461-14); 10.50 g/t Au over 6.82 m (945-624-39); 15.94 g/t Au over 4.00 m (945-624-40); 11.60 g/t Au over 4.85 m (1025-517-24); and 22.23 g/t Au over 2.40 m (1025-517-10).
Island Gold District – Near Mine Exploration
As part of the near-mine exploration program, high-grade gold mineralization was intersected in surface drilling completed to the north and west of the Island Gold Deposit, and east of the Magino open pit, within the North Shear and Webb Lake Stock.
North Shear
The North Shear Corridor is located on the north limb of an antiform, within and along the northern portion of the Webb Lake Stock, dipping to the north. The Island Gold Deposit is located on the southern limb of the antiform, and dips to the south (Figure 3).
Patricia Mines initially defined the North Shear in 1999 after reviewing drilling completed in the 1980’s and 1990’s. There has been limited drilling within the North Shear since that time, as the focus of exploration had shifted to the Island Gold Deposit.
The North Shear Corridor is 20 to 30 m wide near surface, and appears to widen at depth to 60 m, based on interpretation from wider spaced historical drilling. The North Shear has been interpreted to be over 1,000 m in strike, drilled to a depth of 600 m, and remains open at depth (Figure 3 and 4).
The North Shear is located within 2 km of the Magino mill and adjacent to the Island Gold deposit with the existing Island Gold ramp running through the target. The ramp system could be leveraged to test and ultimately develop the North Shear as a longer-term potential source of additional mill feed within the expanded Magino mill complex. Additional modelling, interpretation and drilling are planned to evaluate the North Shear for underground bulk mining potential.
Highlights from historic drilling within the North Shear Corridor include 3 :
22.48 g/t Au over 5.08 m, including 310.50 g/t Au over 0.31 m (SH-3, 2013); 6.43 g/t Au over 8.32 m, including 28.55 g/t Au over 0.39 m, 30.21 g/t over 0.58 m, and 37.65 g/t over 0.38 m (PL-17, 1997); 12.85 g/t Au over 2.96 m, including 106.00 g/t Au over 0.34 m (21IGX001, 2021); 4.60 g/t Au over 7.72 m, including 53.76 g/t Au over 0.45 m (PL-01-01, 2001); 10.28 g/t Au over 3.41 m, including 130.95 g/t Au over 0.09 m, and 23.23 g/t Au over 0.46 m (LR-U-14, 1991); 14.08 g/t Au over 2.27 m, including 125.30 g/t Au over 0.25 m (PR-UG-140, 2006); 6.58 g/t Au over 4.46 m, including 14.24 g/t Au over 1.78 m (062-02-44, 1987); 12.44 g/t Au over 2.31 m, including 95.82 g/t Au over 0.29 m (140-H3, 2013); and 4.12 g/t Au over 6.72 m, including 49.99 g/t Au over 0.38 m (PL-01-05, 2001).